Power Banks Market By Battery Type (Lithium-Ion (Li-Ion) Battery, Lithium Polymer (Li-Polymer) Battery) By Unit of USB Port (1 USB Port, 2 USB Ports, More than 2 USB Ports) By Indicator (LED Lighting, Digital Display) By Capacity (1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh, Above 20,001 mAh) By Price Range (Low, Medium, Premium) By Application - Growth, Share, Opportunities, Competitive Analysis And Forecast To 2016 – 2028

How will the Integration of Solar Energy with Power Bank Benefit the Market?

A solar power bank is an energy storage device that collects solar energy and uses it to charge/power various electronic devices such as phones, tablets, laptops, torches, lights, televisions, and so on. With the advent of 3G and 4G services on smartphones and tablets, the growing usage of the internet has increased battery consumption at a quicker rate, boosting the solar power bank industry. Furthermore, vacationers or trekkers who want to travel to remote locations can rely on solar power banks over traditional power banks because solar power banks can be charged via sunshine in times of emergency. Limited electricity availability in rural areas in rising markets such as Africa, Asia, and Latin America presents good potential for solar power banks.

What is the Market Size of Power Banks Market in terms of value?

Global Power Banks Market is projected to increase at a significant CAGR of 7.6 % in the coming years. In 2021, the global Power Banks Market was valued at USD 9.2 billion and is projected to reach at a value of USD 14.2 billion by 2028. The demand for Power Banks is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players that worth USD 5.07 billion during the forecast period between 2022 and 2028.

power-banks-market

Why Lithium-Ion Batteries are Preferred in Power Banks?

In the forecast period, the lithium-ion sector will acquire a major market share. Li-ion batteries have various benefits, including low self-discharge, high energy density, and low maintenance. Furthermore, the decline in demand for lead-acid batteries as a result of EPA regulations on lead contamination and the resulting environmental hazards, as well as regulations on lead-acid battery storage, disposal, and recycling, has resulted in an increase in demand for lithium-ion batteries. Manufacturing on a big scale, falling component prices, and the use of sophisticated technologies to increase battery capacity are some of the drivers driving down prices. A price decrease would hasten the adoption of these batteries in a variety of new applications.

Interesting Facts about Power Banks Market Industry

  • The top 5 countries for Power Banks exports are China, India, Mexico, UK, and Netherland.
  • The top 5 countries for Power Banks imports are Russia, Brazil, USA, Vietnam, and Kenya.
  • Increasing internet-related services via smartphones and tablets, a drop in power bank prices, frequent power outages in certain countries, an increase in power consumption of smartphones, and a sudden shift to work-from-home and remote learning due to COVID-19, resulting in a spike in demand for laptops are among the factors driving the power bank market.
  • Power bank market growth is hampered by issues such as rising wireless charging trends, higher battery capacity of electronic gadgets, and increasing customer preference for rental power banks.
  • Asia Pacific leads the global market due to the increasing trend of digitalization, prevalence of e-commerce portals, and the availability of low-cost power banks.
  • During the forecast period, the 10,001–15,000 mAh sector of the power bank market is predicted to develop at the fastest rate. These power banks feature a high output efficiency and a longer battery life, as well as LEDs or LCDs that show the battery level.

Who are the Top 10 players/companies in the Power Banks Market in terms of value and volume?

The key players in the global Power Banks Market in terms of value and volume include Anker Innovations (China), AUKEY (China), Xiaomi (China), ADATA (Taiwan), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), and INTEX (India), among other. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Power Banks to gain competitive market share at a global level. Moreover, some regional and country-level players are also investing heavily to expand their product portfolio and to enhance their sales. For instance, in June 2020, Xiaomi Corporation unveiled the Mi Power Bank 3 with a gigantic 30,000mAh battery capacity, capable of charging the current iPhone SE more than ten times and its flagship Mi 10 roughly five times. Xiaomi's latest power bank is a considerable increase over the Power Bank 2 and features a robust build. For instance, in May 2020, Gionee introduced a new GBuddy 10,000mAh wireless power bank in India. The newly built power bank is priced at INR 3,999 in India and is available for purchase through the e-commerce site Amazon India. The company began selling the power bank for INR 1,299 as part of its initial deal.

Who are the Top 10 Countries in the Power Banks Market?

In the global Power Banks Market, the major countries are US, Canada, China, India, Japan, South Korea, Germany, UK, France, and Mexico. The India Power Bank Market is predicted to expand rapidly. Rising electronic gadget ownership and lowering power bank prices are the primary drivers of the Indian power bank market. Rising disposable income, urbanization, and increased adoption of smartphones, tablets, and tiny electronic gadgets are some important factors that will have a positive impact on India's power bank market over the forecast period. With the availability of internet-based applications and games, the energy consumption of electronic gadgets has increased substantially in recent years, as has their use. Therefore, power banks are extremely useful in the event of a frequent outage or an unpredictable power source in the country.

Which is the Key Application Area in the Power Banks Market?

The key applications of the Power Banks Market include Smart Phone, Tablet, Laptop, Portable Media Devices, Wearable Device, Digital Camera, and Others. Smartphones represent a significant application market for power banks. The excessive usage of data and internet services on smartphones is one of the key reasons that contribute to battery life draining quickly. This increases the demand for power banks, which allow cellphones to run for longer periods of time. Smartphones have short-life batteries, which raises the demand for power banks. As a result, power banks have a huge potential in smartphone applications. COVID-19 pandemic is causing havoc in the smartphone sector, which is one of the main consumers of power banks. The stoppage of manufacturing facilities has caused a halt in smartphone production, and lower consumer spending has impacted demand for power banks. However, once the situation stabilizes, the power bank market will gain traction.

What are the Major Driving Factors for Power Banks Market?

The growing use of smartphones and other electronic gadgets such as tablets, notepads, digital watches, and headphones increases the demand for power banks. The increased usage of hydrogen and solar cells in power banks has lessened the devices' need on electrical energy to some extent, transforming power banks from backup chargers to an independent source of energy. The consumer electronics industry's effective distribution channel aids in the supply of electronic items to fulfill the demand of the worldwide population, which is projected to drive the power bank market. Reduced power bank costs and increased charging speed entice consumers to buy and push the global market.

What are the Major Restraints for Power Banks Market?

A huge number of players have recently entered the power bank industry, offering power banks of varying capacities, pricing, and designs. However, not all power banks are of excellent quality, since some power banks do not even last six months. Poor-quality power banks can cause overheating, shorten battery life, and, in the worst-case situation, explode. As a result, low-quality power banks might stifle market expansion. Government plans to install charging infrastructure in public places like airports, train stations, and offices may reduce the demand for power banks.

Which Region Dominated the World Power Banks Market?

In the forecast period, the Asia Pacific region will lead the global market. Power bank use in the region is increasing due to the region's growing population, large-scale digitization, inexpensive power banks, and e-commerce penetration in the electronics sector. With the growing number of electronic device users and the resulting increase in demand for power banks, the Asia Pacific market is likely to gain a large revenue share over the forecast period. The Asia Pacific regional market is predicted to grow at the fastest CAGR over the forecast period because of substantial urbanization and a quickly increasing industrial sector. Furthermore, the APAC region's growing economies, such as China, India, South Korea, and other Southeast Asian countries, are becoming important global manufacturing hubs.

North America is likely to show significant growth in the worldwide power bank market because of the region's high smartphone penetration. The increased connectedness of numerous devices, such as smart kitchen appliances, security systems, and smart accessories, is a major driver driving power bank sales in North American countries. Millennial consumers' high discretionary income is complementing the growth of connected gadgets and the resulting demand to recharge smartphones and smart devices via power banks.

Segmentation of Global Power Banks Market-

Power Banks Market- By Battery Type

  • Lithium-Ion (Li-Ion) Battery
  • Lithium Polymer (Li-Polymer) Battery

Power Banks Market- By Unit of USB Port

  • 1 USB Port
  • 2 USB Ports
  • More than 2 USB Ports

Power Banks Market- By Indicator

  • LED Lighting
  • Digital Display

Power Banks Market- By Capacity

  • 1,000–5,000 mAh
  • 5,001–10,000 mAh
  • 10,001–15,000 mAh
  • 15,001–20,000 mAh
  • Above 20,001 mAh

Power Banks Market- By Price Range

  • Low
  • Medium
  • Premium

Power Banks Market- By Application

  • Smart Phone
  • Tablet
  • Laptop
  • Portable Media Device
  • Wearable Device
  • Digital Camera
  • Others

The recent COVID-19 pandemic has caused a slowing of growth. As a result of COVID-19, the expected growth of power banks across applications is expected to slow, as the pandemic restricts supply chain and adoption owing to major disruptions to enterprises and the global economy. This has had a significant impact on the semiconductor supply chain, resulting in shortages of resources, components, and completed items. As a result, the market suffers as a result.

In the forecast period, the Asia Pacific region will lead the global market. Power bank use in the region is increasing due to the region's growing population, large-scale digitization, inexpensive power banks, and e-commerce penetration in the electronics sector.

A considerable transition toward 3G and 4G networks, expanding popularity of digital content, and increasing computing capability of devices are driving the industry's growth. Along with this, rising smartphone demand and falling power bank prices are some of the major factors affecting market growth.

During the forecast period, the 10,001–15,000 mAh sector of the power bank market is predicted to develop at the fastest rate.

Smartphones represent a significant application market for power banks. The excessive usage of data and internet services on smartphones is one of the key reasons that contribute to battery life draining quickly. This increases the demand for power banks.

Power Banks Market Scope

Report Attribute Details
Market Value in 2021 USD 9.2 billion
Market Value in 2028 USD 14.2 billion
CAGR 7.6 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Jul 2022
Category:  Technology & Media
Report ID:   58126
Report Format:   PDF
Pages:   178
Rating:    4.8 (76)
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